Archive for: January 2014

Clean Up Your Credit Report and Score Yourself Quickly

Credit scores and what shows on your credit report can make all the difference in getting that new home or car that you are wanting to purchase. Even if your credit scores are good enough to get the loan, the lower the score the higher your interest rates will be. There are ways to repair your credit report and increase your scores. Bad credit can be repaired to allow you to get the loan. Good credit can also be repaired to allow for you to get the loan at an interest rate that will save you a lot of money.

 

Click here to continue reading…

Negative Information In Your Credit Report

Negative information concerning your use of credit can be kept in your credit report for seven years. A bankruptcy can be kept for 10 years, and unpaid tax liens for 15 years. Information about a lawsuit or an unpaid judgment against you can be reported for seven years or until the statute of limitations runs out, whichever is longer. Inquiries remain on your report for two years.

Anyone who denies you credit, housing, insurance, or a job as a result of a credit report must give you the name, address, and telephone number of the credit reporting agency (CRA) that provided the report. Under the Fair Credit Reporting Act (FCRA), you have the right to request a free report within 60 days if a company denies you credit based on the report.

 

Click here to continue reading…

How to clear mistakes from your credit report

Have you ever been horrified to discover errors on your credit report? Such inaccuracies can and should strike fear into any conscientious consumer’s heart because of their punishing consequences.

What consequences, you ask? Well, they can result in higher interest rates whenever you borrow money, and they can even affect your ability to qualify for credit, insurance, employment or rental housing.

 

Click here to continue reading…

How Do I Correct My Credit Report? Steps to Fix Issues

Easy steps to fix a potential problem

If you find something on your credit report that doesn’t seem right, this quick video from TransUnion tells you what to do. Learn how to contact creditors and the credit reporting companies.

What Debt Collectors Can’t Do to Recover Your Debts

Knowing what debt collectors cannot do to collect a debt from you may help you deal with and protect you from their approaches to debt collection.

The Fair Debt Collection Practices Act (FDCPA) is the federal law that governs debt collection for personal, household, and family debts like your mortgage and car loan, other personal loans, your credit card debts, past-due utility bills, past-due student loans, medical and insurance debts, condo fees, unpaid legal judgments against you, and bounced checks. The FDCPA applies to outside debt collectors, but not to a creditor’s own in-house debt collectors (meaning debt collectors who are employees of a creditor).

 

 

Click here to continue reading…

“I’ll Bring You Back Something:” Why It Pays to Cover Costs

Earning credit card points might be easier than you think. When you cover costs for others you can earn points to use for yourself. This is especially worth it on larger purchases, but even small ones can add up over time. Whether it’s for friends, family, or work colleagues, grouping orders, meals, and purchases can redound in your favor. It’s like getting paid for being nice!

 

Click here to continue reading…

 

10 Tips for Buying a Car in 2014

If you’re thinking about buying a car in 2014, start planning and budgeting now. Car buying is costly — typically the second most expensive purchase that most Americans make after their homes. To avoid making a bad decision, follow these 10 tips for car buying in 2014.

Decide what you can afford

Decide between new or used

Narrow your buying choices…

 

Click here to continue reading…

How to Cure Your Post-Holiday Financial Hangover

Ask anyone you know, and everyone seems to have a cure for a hangover. Some of the more traditional fixes include aspirin or ibuprofen, lots of water, coffee and lots of food. Then there are more unusual remedies, like drinking pickle juice. But how do you cure a financial hangover? You overspent before the holidays, and now the balance on your credit card bills looks terrifying in the sobering light of January.

 

Click here to continue reading…

The Truth About Debt Consolidation

Myth: Debt consolidation saves interest, and you have one smaller payment.
Truth: Debt consolidation is dangerous because you treat only the symptom.

Debt consolidation is nothing more than a “con” because you think you’ve done something about the debt problem. The debt is still there, as are the habits that caused it – you just moved it! You can’t borrow your way out of debt. You can’t get out of a hole by digging out the bottom. True debt help is not quick or easy.

Larry Burkett, noted financial author, says debt is not the problem; it is the symptom. I feel debt is the symptom of overspending and undersaving. Our financial coaches will not recommend debt consolidation for a client. Why? Because debt consolidation doesn’t work.

 

Click here to continue reading…